The EEU's success will depend on efficient work of its member states on the world market
The development of the Eurasian Economic Union (EEU) will depend on the efficiency of joint efforts of its member states on a global scale, Deputy Chairman of the permanent commission on the economic policy of the National Assembly’s House of Representatives of the Republic of Belarus Vladislav Shchepov told BelTA.
The competitive ability of the future EEU depends, first of all, on the harmonious coordination of the interests of the member states and, secondly, on the maximum use of the potential of each country in order to increase the union’s economic influence on the world market and ensure sustainability of the national economies. The issue related to the elimination of restrictions and withdrawals, which hinder the free movement of all kinds of resources, will decide a lot once it is addressed. According to the MP, the track record of the Customs Union and the Single Economic Space shows that restrictions and withdrawals in mutual trade can lead to recession in the development of different sectors, including due to the lack of industrial cooperation, irrational distribution and doubling of productions on the territory of the union, conflicts between businesses.
According to the MP, issues in the EEU formation also arise due to objective differences in the economies of the member states. Vladislav Shchepov stressed that the parties demonstrate a high interest in finding a prompt solution to the existing problems. The recent meeting of the Supreme Eurasian Economic Council at the level of heads of state has proved this interest once again. The Presidents of the Customs Troika confirmed their intention to sign the Eurasian Economic Union Treaty before May 2014.
The MP believes that a principled approach to observing the deadline of signing the treaty is fully justified. “In the world economy the moment passed means lost opportunities, money. The world is changing. Conditions for resources supply have been worsening. Competition on a global scale, financial and information sectors has been strengthening. The spheres implementing innovative, bio, nano and information technologies come to the front as they are able to produce and sell high-value added products,” Vladislav Shchepov said. In this respect it is appropriate to direct the economy of the future Eurasian Economic Union on the production of high-value added goods and services. This can be achieved only through economic integration, he stressed.